A host of businesses and consultants are backing away from the UN climate summit at the city of Belém, known as the gateway to the Amazon, deterred by a difficult political backdrop, up to $2,000-a-night for hotel rooms and lengthy travel.
Financial institutions, consultancies and advisers to businesses, which attended the climate talks in previous years, told the Financial Times they instead planned to send a smaller contingent to São Paulo or Rio de Janeiro where adjacent finance and climate conferences are being held.
This includes the UN PRI summit, an international responsible investment event, at the business hub of São Paulo, and a global forum for mayors, governors and regional leaders being held in Rio in early November, the week before the COP begins.